Stocks were heading for a slightly lower open Friday as Wall Street geared up for a potentially volatile session on what will be the last day of trading for certain options contracts.

Futures on the

S&P 500

were about 0.4 points below fair value, and Nasdaq 100 futures were 2.5 points under fair value. The 10-year Treasury was unchanged in price and yielding 4.86%. Since Monday morning, the benchmark note has surged, and the yield has come down by 13 basis points.

The dollar declined against the yen and the euro and was mixed in trading with other major currencies.

PC giant


(DELL) - Get Report

slumped in premarket trading a day after the company said the

Securities and Exchange Commission

was examining its accounting. The company also said its second-quarter profit dropped 50% from a year ago. Shares of Dell were off 6.7% to $21.28 before the opening bell.



(F) - Get Report

is planning to cut up to 6,000 salaried jobs next month, according to a


report. The workforce reduction would come on top of 30,000 job eliminations the automaker already has planned by 2012.

Time Warner


was also in the headlines, saying after Thursday's close that it will restate its results going back 6 1/2 years to fix accounting errors at its AOL division.

After a busy week of economic data, investors will get one more report, this one on consumer attitudes. The preliminary August consumer sentiment index from the University of Michigan will be known around 10 a.m. EDT.

European shares rose, with London's FTSE 100 up 0.6% to 5857 and Germany's Xetra DAX adding 0.8% to 5674. Many Asian bourses were also climbing. Tokyo's Nikkei 225 advanced 1.9% to 15,857, and Hong Kong's Hang Seng tacked on 0.2% to 17,290. However, markets in mainland China dropped after the Chinese central bank raised its lending and deposit rates.

To view Farnoosh Torabi's video take on today's market, click here